Abuja, Feb. 23, 2025 – The Central Bank of Nigeria (CBN) has warned commercial banks against forcing customers to withdraw less than N20,000 per transaction from the Automated Teller Machines (ATMs).
The bank gave the directive while reacting to a customer’s inquiry on its recent review of ATM withdrawal fees.
It explained that customers can withdraw up to N20,000 per transaction.
“Any bank that compels a customer with sufficient funds in their account to withdraw less than N20,000 per transaction, against their desire for a higher sum, would be contravening this regulation and will be sanctioned appropriately.
“Consumers denied the right to withdraw up to N20,000 per transaction are encouraged to file a complaint with the CBN using cpd@cbn.gov.ng.
“The charges and surcharges are capped, meaning banks and other financial institutions cannot charge more than the fees stated in the circular.
“However, a bank can charge a lower amount depending on its cost structure and business development drive, ” it said.
The CBN stressed that it would penalise any defaulting banks.
